Traders correctly anticipated Goldman Sachs's strong results by acquiring long September and October calls. More reports in the financial sector will test that strategy.

INVESTMENT BANK EARNINGS reports are to Wall Street what crystal balls are to fortune tellers. So it is with great anticipation that the Street sifted through today's third-quarter earnings report from Goldman Sachs, extrapolating facts to gauge the securities industry's financial health.

Options traders correctly anticipated Goldman's strong results by acquiring long September and October calls, some of which were financed by selling...